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Speaking at a conference on capital markets at Georgetown University in Washington, Browne said BTC ETFs would only be approved after a strong regulatory framework. Addressing the current state of the BTC ETF, Browne said:
"It is very difficult for [Securities Commission (SEC)] to get the idea of a positive approval because there is no data yet ... the market simply does not exist."
Earlier today, CEO of BlackRock Investment Management, Larry Fink, made a similar statement. When commenting on the ETF's future in the form of crypt valued, Fink argued that ETFs must "ultimately" be supported by the government and that the government would not approve such financial instruments if it did not know that the funds were not used for illegal purposes.
Following the widely-released leakage of the BTC ETF application in the US, Abra Bill Barhydt, the CEO of the encrypted payment initiation, announced that the reason the DIP refused the crypto ETF was that the cryptography sector did not match the applicant's archetype. Specifically, the DIP declined to apply the crypto ETF because "people who run programs do not match those that DIP uses to approve."
In August, the DIP temporarily rejected nine entry and trading applications for various BTC ETFs from three companies, including ProShares, Direxion and GraniteShares. The regulator had previously rejected the request to create the BTC ETF by brothers Tyler and Cameron Winklevoss. The DIP then justified the rejection by saying that "the record before the Commission does not support such a conclusion."